Submission for OMB Review; Comment Request, 8912-8913 [E8-2875]
Download as PDF
<![CDATA[
8912
Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Notices
clauses in new subadvisory contracts in
order for funds and subadvisers to be
able to rely on the exemptions in rule
17a–10. Because these additional
clauses are identical to the clauses that
a fund would need to insert in their
subadvisory contracts to rely on rules
10f–3, 12d3–1, and 17e–1, and because
we believe that funds that use one such
rule generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 17a–10 for this contract change
would be 0.75 hours.5 Assuming that all
600 funds that enter into new
subadvisory contracts each year make
the modification to their contract
required by the rule, we estimate that
the rule’s contract modification
requirement will result in 450 burden
hours annually, with an associated cost
of approximately $131,400.6
Written comments are invited on: (a)
Whether the proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden of the collection of
information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
Please direct your written comments
to R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov.
Dated: February 7, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2873 Filed 2–14–08; 8:45 am]
rwilkins on PROD1PC63 with NOTICES
BILLING CODE 8011–01–P
on Management & Professional Earnings in the
Securities Industry 2006, modified to account for an
1800-hour work-year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits
and overhead.
5 This estimate is based on the following
calculation (3 hours ÷ 4 rules = .75 hours).
6 These estimates are based on the following
calculations: (0.75 hours × 600 portfolios = 450
burden hours); ($292 per hour × 450 hours =
$131,400 total cost).
VerDate Aug<31>2005
15:58 Feb 14, 2008
Jkt 214001
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 17a–4; OMB Control No. 3235–0279;
SEC File No. 270–198.
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information for
Rule 17a–4 (17 CFR 240.17a–4).
Rule 17a–4 requires approximately
5,791 active, registered exchange
members, brokers and dealers (‘‘brokerdealers’’) to preserve for prescribed
periods of time certain records required
to be made by Rule 17a–3 (17 CFR
240.17a–3) and other Commission rules,
and other kinds of records which firms
make or receive in the ordinary course
of business. Rule 17a–4 also permits
broker-dealers to employ, under certain
conditions, electronic storage media to
maintain these required records. The
records required to be maintained under
Rule 17a–4 are used by examiners and
other representatives of the Commission
to determine whether broker-dealers are
in compliance with, and to enforce their
compliance with, the Commission’s
rules.
The staff estimates that the average
number of hours necessary for each
broker-dealer to comply with Rule 17a–
4 is 254 hours annually. Thus, the total
burden for broker-dealers is 1,470,914
hours annually. The staff believes that
compliance personnel would be charged
with ensuring compliance with
Commission regulation, including Rule
17a–4. The staff estimates that the
hourly salary of a compliance manager
is $245 per hour.1 Based upon these
numbers, the total cost of compliance
for 5,791 respondents is the dollar cost
is approximately $360.4 million
(1,470,914 yearly hours × $245).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
1 This figure is based on the SIFMA Report on
Office Salaries In the Securities Industry 2006
(Compliance Manager).
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
Comments should be directed to: (i)
Desk Officer for the Securities and
Exchange Commission, Office of
Information and Regulatory Affairs,
Office of Management and Budget,
Room 10102, New Executive Office
Building, Washington, DC 20503 or by
sending an e-mail to:
Alexander_T._Hunt@omb.eop.gov; and
(ii) R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, c/o Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312 or send an e-mail
to: PRA_Mailbox@sec.gov. Comments
must be submitted within 30 days of
this notice.
Dated: February 11, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2874 Filed 2–14–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
Submission for OMB Review;
Comment Request
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of Investor
Education and Advocacy,
Washington, DC 20549–0213.
Extension:
Rule 701; OMB Control No. 3235–0522;
SEC File No. 270–306.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) has submitted to the
Office of Management and Budget the
request for extension of the previously
approved collection of information
discussed below.
Rule 701(17 CFR 230.701) under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) requires issuers conducting
employee benefit plan offerings in
excess of $5 million in reliance on the
rule to provide the employees covered
by the plan with risk and financial
statement disclosures. The purpose of
Rule 701 is to ensure that a basic level
of information is available to employees
and others when substantial amounts of
securities are issued in compensatory
arrangements. Information provided
under Rule 701 is mandatory.
Approximately 300 companies annually
rely on the Rule 701 exemption and it
takes 2 hours per response. We estimate
that 25% of the 2 hours per response (.5
hours) is prepared by the company for
a total annual reporting burden of 150
E:\FR\FM\15FEN1.SGM
15FEN1
Federal Register / Vol. 73, No. 32 / Friday, February 15, 2008 / Notices
hours (.5 hours per response × 300
responses).
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Written comments regarding the
above information should be directed to
the following persons: (i) Desk Officer
for the Securities and Exchange
Commission, Office of Information and
Regulatory Affairs, Office of
Management and Budget, Room 10102,
New Executive Office Building,
Washington, DC 20503 or send an
e-mail to
Alexander_T._Hunt@omb.eop.gov and
(ii) R. Corey Booth, Director/Chief
Information Officer, Securities and
Exchange Commission, C/O Shirley
Martinson, 6432 General Green Way,
Alexandria, VA 22312; or send an email to: PRA_Mailbox@sec.gov.
Comments must be submitted to OMB
within 30 days of this notice.
Dated: February 11, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–2875 Filed 2–14–08; 8:45 am]
BILLING CODE 8011–01–P
[Release No. 34–57302; File No. SR–BSE–
2008–08]
Self-Regulatory Organizations; Boston
Stock Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Expand,
and Make Permanent, the $1 Strike
Program
rwilkins on PROD1PC63 with NOTICES
February 11, 2008.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
28, 2008, the Boston Stock Exchange,
Inc. (‘‘BSE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been substantially prepared by the
Exchange. BSE filed the proposal
pursuant to section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f)(6) thereunder,4
which renders the proposal effective
upon filing with the Commission. The
Commission is publishing this notice to
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(6).
2 17
VerDate Aug<31>2005
15:58 Feb 14, 2008
Jkt 214001
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend the
rules of the Boston Options Exchange
(‘‘BOX’’) to expand the $1 Strike Pilot
Program (‘‘Program’’) and request
permanent approval of the Program. The
text of the proposed rule change is
available at the Exchange, the
Commission’s Public Reference Room,
and https://www.bostonoptions.com.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of, and basis for,
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
SECURITIES AND EXCHANGE
COMMISSION
1 15
solicit comments on the proposed rule
change from interested persons.
1. Purpose
The purpose of the proposed rule
change is to expand the Program and
request permanent approval of the
Program.5 Chapter IV, section 6 of the
BOX rules establishes guidelines
regarding the addition of options series
for trading on BOX. The Program
currently allows the Exchange to select
a total of 5 individual stocks on which
option series may be listed at $1 strike
price intervals. To be eligible for
selection into the Program, the
underlying stock must close below $20
in its primary market on the previous
trading day. If selected for the Program,
the Exchange may list strike prices at $1
intervals from $3 to $20, but no $1 strike
5 BSE implemented the Program in February 2004
and extended it four times through June 5, 2008.
See Securities Exchange Act Release Nos. 49292
(February 20, 2004), 69 FR 8993 (February 26, 2004)
(SR–BSE–2004–01) (adopting the Program); 49806
(June 4, 2004), 69 FR 32640 (June 10, 2004) (SR–
BSE–2004–22) (extending the Program until June 5,
2005); 51778 (June 2, 2005), 70 FR 33562 (June 8,
2005) (SR–BSE–2005–18) (extending the Program
until June 5, 2006); 53855 (May 24, 2006), 71 FR
30973 (May 31, 2006) (SR–BSE–2006–19)
(extending the Program until June 5, 2007); and
55684 (April 30, 2007), 72 FR 26188 (May 8, 2007)
(SR–BSE–2007–17) (extending the Program until
June 5, 2008).
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
8913
price may be listed that is greater than
$5 from the underlying stock’s closing
price in its primary market on the
previous day. The Exchange also may
list $1 strikes on any other option class
designated by other securities exchanges
that employ a similar $1 strikes program
under their respective rules. The
Exchange may not list long-term option
series (‘‘LEAPS’’) at $1 strike price
intervals for any class selected for the
Program. The Exchange also is restricted
from listing any series that would result
in strike prices being $0.50 apart.
The Exchange proposes to expand the
Program to allow it to select a total of
10 individual stocks on which option
series may be listed at $1 strike price
intervals. Additionally, the Exchange
proposes to expand the price range on
which it may list $1 strikes, presently
from $3 to $20, to now include stocks
priced from $3 to $50. The existing
restrictions on listing $1 strikes will
continue, e.g., no $1 strike price may be
listed that is greater than $5 from the
underlying stock’s closing price in its
primary market on the previous day,
and the Exchange is restricted from
listing any series that would result in
strike prices being $0.50 apart.
As stated in the Commission notice
initially establishing the Program and in
the subsequent extensions of the
Program,6 the Exchange believes that $1
strike price intervals provide investors
with greater flexibility in the trading of
equity options that overlie lower priced
stocks by allowing investors to establish
equity options positions that are better
tailored to meet their investment
objectives. The Exchange states that
Participants representing customers
have requested that BSE seek to expand
the Program, both in terms of the
number of classes which can be selected
and the range in which $1 strikes may
be listed.
With regard to the impact on systems
capacities, the Exchange’s analysis of
the Program shows that the impact on
BSE’s, OPRA’s, and market data
vendors’ respective automated systems
has been minimal. In a previously filed
proposed rule change,7 the Exchange
analyzed the trading volume for all
classes selected by BOX for the Program
as a percentage of overall trading
volume for all classes on BOX during a
specific number of months. The
Exchange concluded that the classes
selected for the Program represented on
average 2.6% of all trading volume on
BOX. The Exchange represents that it
6 See
id.
Securities Exchange Act Release No. 55684
(April 30, 2007), 72 FR 26188 (May 8, 2007) (SR–
BSE–2007–17).
7 See
E:\FR\FM\15FEN1.SGM
15FEN1
]]>Agencies
[Federal Register Volume 73, Number 32 (Friday, February 15, 2008)]
[Notices]
[Pages 8912-8913]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-2875]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213.
Extension:
Rule 701; OMB Control No. 3235-0522; SEC File No. 270-306.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') has submitted to the Office of Management
and Budget the request for extension of the previously approved
collection of information discussed below.
Rule 701(17 CFR 230.701) under the Securities Act of 1933 (15
U.S.C. 77a et seq.) requires issuers conducting employee benefit plan
offerings in excess of $5 million in reliance on the rule to provide
the employees covered by the plan with risk and financial statement
disclosures. The purpose of Rule 701 is to ensure that a basic level of
information is available to employees and others when substantial
amounts of securities are issued in compensatory arrangements.
Information provided under Rule 701 is mandatory. Approximately 300
companies annually rely on the Rule 701 exemption and it takes 2 hours
per response. We estimate that 25% of the 2 hours per response (.5
hours) is prepared by the company for a total annual reporting burden
of 150
[[Page 8913]]
hours (.5 hours per response x 300 responses).
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
Written comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503 or send an e-mail to Alexander--T.--
Hunt@omb.eop.gov and (ii) R. Corey Booth, Director/Chief Information
Officer, Securities and Exchange Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria, VA 22312; or send an e-mail to:
PRA_Mailbox@sec.gov. Comments must be submitted to OMB within 30 days
of this notice.
Dated: February 11, 2008.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-2875 Filed 2-14-08; 8:45 am]
BILLING CODE 8011-01-P
